Atlantic Power Corporation (AT) saw its loss narrow to $0.60 million, or $0.02 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $12.90 million, or $0.12 a share.
Revenue during the quarter dropped 7.52 percent to $98.40 million from $106.40 million in the previous year period. Total expenses were 74.29 percent of quarterly revenues, up from 73.03 percent for the same period last year. That has resulted in a contraction of 126 basis points in operating margin to 25.71 percent.
Operating income for the quarter was $25.30 million, compared with $28.70 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $63.80 million compared with $62.50 million in the prior year period. At the same time, adjusted EBITDA margin improved 610 basis points in the quarter to 64.84 percent from 58.74 percent in the last year period.
"We have continued to make progress in the two months since we reported our previous quarterly results, by repricing our $615 million term loan and revolving credit facility and reaching a settlement with the OEFC regarding the Global Adjustment dispute," said James J. Moore, Jr., president and chief executive officer of Atlantic Power. "The repricing is expected to save $2.4 million in interest costs this year and $17 million over the remaining lives of the facilities, net of transaction costs. The $26 million of Global Adjustment payments will materially increase our cash at the parent of approximately $66 million."
Operating cash flow improves
Atlantic Power Corporation has generated cash of $34.10 million from operating activities during the quarter, up 15.99 percent or $4.70 million, when compared with the last year period.
Cash flow from investing activities was $1.30 million for the quarter, down 85.87 percent or $7.90 million, when compared with the last year period.
The company has spent $29.50 million cash to carry out financing activities during the quarter as against cash outgo of $46.70 million in the last year period.
Cash and cash equivalents stood at $91.50 million as on Mar. 31, 2017, up 42.30 percent or $27.20 million from $64.30 million on Mar. 31, 2016.
Working capital drops significantly
Atlantic Power Corporation has witnessed a decline in the working capital over the last year. It stood at $16.20 million as at Mar. 31, 2017, down 70 percent or $37.80 million from $54 million on Mar. 31, 2016. Current ratio was at 1.10 as on Mar. 31, 2017, down from 1.61 on Mar. 31, 2016.
Days sales outstanding were almost stable at 37 days for the quarter, when compared with the last year period.
Debt comes down marginally
Atlantic Power Corporation has recorded a decline in total debt over the last one year. It stood at $938.80 million as on Mar. 31, 2017, down 1.59 percent or $15.20 million from $954 million on Mar. 31, 2016. Total debt was 65.13 percent of total assets as on Mar. 31, 2017, compared with 57.47 percent on Mar. 31, 2016. Debt to equity ratio was at 3.28 as on Mar. 31, 2017, up from 2.18 as on Mar. 31, 2016. Interest coverage ratio deteriorated to 1.46 for the quarter from 1.73 for the same period last year. .
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
